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HomeMy WebLinkAbout1981-405 .' I" , " San Bernardino 60,009-,9.-1 , RESOLUTION NO. ff/-~t:1S RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO FINDING THAT AN APPLICATION FOR INDUSTRIAL DEVELOPMENT BOND FINANCING HAS BEEN SUBMITTED PURSUANT TO THE PROVISIONS OF ORDINANCE NO. 3815 OF THE CITY FOR A CERTAIN PROJECT, FINDING THAT SAID APPLICATION COMPLIES WITH THE PRO- VISIONS AND REQUIREMENTS OF SAID ORDINANCE NO. 3815; APPROVING SAID APPLICATION AND THE PROJECT TO WHICH IT REFERS; DIRECTING THE PREPARATION OF A PROJECT AGREEMENT, A RESOLUTION OF ISSUANCE AND SUCH OTHER LEGAL DOCUMENTS AS MAY BE NECESSARY TO CARRY OUT SAID PROJECT AND PROVIDE FOR THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS THEREFOR; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION TBEREWITH; AND RESCINDING RESOLUTION NO. 80-151. TRI-CITY INDUSTRIAL PARK, LTD. WHEREAS, the City of San Bernardino ("city" herein), is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly and regularly enacted Ordinance No. 3815 ("Ordinance" herein) to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of paying the cost of financing such projects, and has amended the same from time to time; and WHEREAS, said Ordinance No. 3815, as amended, is intended to finance the development of industry and commerce 4t201.2(tp) 9/4/81 ~ ',' . "1- ~c) \' San Bernardino 60,009-9-,& and to thereby broaden the employment opportunities for residents of the City and its tax and revenue base; and WHEREAS, there has been presented to this Mayor and Common Council an Application by TRI-CITY INDUSTRIAL PARK, LTD. (the "Applicant"), requesting the issuance of industrial development bonds in the principal amount of not /',-, pht'l5P5 to exceed $8,500,000 for the purpose of financin~ on behalf of the Applicant, a certain Project, to wit: industrial buildings providing approximately 240,800 square feet of space on a certain site located on 15 acres of industrial zoned land fronting on Cooley Avenue in the Southeast Indus- trial Park in the City of San Bernardino, California, includ- ing, without limitation, land for the site, equipment and off-street parking for motor vehicles and all off-site and on-site improvements necessary therefor and appurtenances and appurtenant work (the "Project"); NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. That the recitals set forth herein- above are true and correct in all respects. 1201.2 (tp) 9/8/81 2 San Bernardino 60,~09~9-l Section 2. The City of San Bernardino, California, is a municipal corporation duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the constitution and laws of the State of California, and the city Charter of the City, and the powers of the City include the power to issue bonds for any of its corporate purposes. Section 3. Pursuant to the Charter of the City and Ordinance No. 3815, as amended, of the City, the City is legally authorized to issue special revenue bonds for the permanent financing as described in the recitals hereof. section 4. This body constitutes the governing body of the city and is legally authorized to provide for the issuance of such special revenue bonds by the city. Section 5. The project referred to in the recitals hereof constitutes a project which may be financed by the issuance of such special revenue bonds by the City and located within the jurisdiction of the City. section 6. The Application referred to in the recitals hereof complies with the provisions and requirements of said Ordinance No. 3815, as amended, and the Project involved #20l.2(tp) 9/4/81 3 ", San Bernardino 60,009~9~l all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the persons serving as the Mayor and Cornmon Council nor any persons executing the bonds shall be liable per- sonally on the bonds or subject to any personal liability or accountability by reason of the issuance thereof. section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations, shall be authorized by indenture, resolution or resolutions of the city at a meeting or meetings to be held for such purpose. The City Staff, Bond Counsel, Under- writers, the Applicants and the agents and representatives of same are hereby authorized and directed to prepare or cause to be prepared the necessary legal documents, in- cluding the Project Agreements, Resolutions of Issuance, and such other documents as may be necessary to effect said Project and the issuance of industrial development revenue bonds therefor and to present same to said Mayor and Cornmon Council. The Mayor of the city is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds, and the city staff, consultants, legal counsel to the city and Bond Counsel are hereby directed to take such steps as shall be appropriate #20l.2(tp) 9/4/81 5 San Bernardino 60,009-9-1 to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 11. This Resolution constitutes a proper exercise of the powers of this Mayor and Common Council and conforms to State and local legal requirements relating to the issuance of such special revenue bonds and other bonds or debt obligations by a charter city in this State. Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds within the meaning of the united States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from Federal income taxation. Section 13. Resolution No. 80-151 is hereby rescinded. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at an adjourned regular meeting thereof, held on the 14th day of September , 1981, by the following vote, to wit: - 6 - Jl20L2(tp) 9/4/81 San Bern<;1J:;dino 60,009-9-1 . AYES: Council Members castaneda, Reilly, Hernandez, Botts, Hudson, Strickler NAYS : None ABSENT: Council Member Hobbs yk~1{1(-?z~ C~ty C erk The foregoing resolution is hereby approved this /~~ day of ~~ , 1981. Approved as to form: Ci~;V~ - 7 - *201.2(tp) 9/4/81 INDUSTRIAL DEVELOPtlENT BOND We herewith make application for $8,500,000 Industrial Development Bond financing to construct 240,200 square feet of industrial buildings on 15 acres of industrial zoned land fronting on Cooley Avenue in the Southeast Industrial Park in the City of San Bernardino, consistent with the following applicant responses to the Industrial Development Bond Application: 1.1 Legal name of the applicant Tri-City Industrial Park, Ltd., a California limited partnership formed by Eastern pacific Financial Group, a California corporation (hereinafter referred to as EP): VTN Consolidated, Inc., a California corporation (hereinafter referred to as VTN); Lilco Financial Corporation, a California corporation (hereinafter referred to as Lilco); and Charles Glenn, an individual (hereinafter referred to as Glenn), as General Partners and not more than ten Limited Partners. 1.2 Line of Business EP - Land Development VTN - Civil Engineering Lilco - Land Development Glenn - Land Development 1.3 Mailing address for purposes of application liaison and address of headquarters EP - 14531 Hamlin Street, suite 205 Van Nuys, California 91411 VTN - 2301 Campus Drive Irvine, California 92713 Lilco - 886 Hillside Drive Long Beach, California 90815 Glenn - 2003 Avenida Felliciano San pedro, California 90732 1.4 Employer I.D. Number EP - 95-3073052 VTN - 95-2798068 Lilco - 95-3498153 Glenn - 408-60-6272 Industrial Development Bond Application Page Two 1.5 Name and title of principal contact EP _ David Doremus, president, Eastern pacific Financial Group VTN _ D.A. Twiddy, president, VTN consolidated, Inc. Lilco _ L.M. Lilly, 111, president, Lilco Financial corporation Glenn - Charles Glenn 1.6 Phone number(s) - (213) - (714) (213) (213) EP VTN Lilco Glenn - 997-1107 833-2450 997-1107 876-4183 1.7 Type of business organization: 1. 7.1 EP VTN Lilco Glenn 1. 7.2 EP VTN Lilco Glenn 1.7.3 EP VTN place of organization _ california _ california _ california - nfa Date of organization _ october 1, 1969 _ october 12, 1972 _ May 9, 1980 - nfa The nature of legal affiliation or relationship with other entities (parent, subsidiary, division, co~~on ownership, etc.). - None _ VTN consolidated, Inc. a subsidiary of VTN corporation. VTN corporation, the parent company, owns all of the stock of the following corporatiOns, including VTN consolidated, Inc.: VTN, colorado VTN, Inc. VTN, International Industrial Develooment Bond Application Page Three 1.7.3 (continued) VTN - VTN, Louisiana - VTN, Oregon _ VTN pacific, Inc. _ VTN Wyoming, Inc. VTN Consolidated in addition to doing business under its own name has three active comoanies doing business as: _ VTN, San Bernardino _ VTN, Los Angeles _ VTN, San Diego Lilco - None Glenn - None 1.8 constitution of ownership of the company, including percentage of holdings by general public. EP _ Stock corooration privately held by David DoremuS VTN VTN Consolidated, Inc. is wholly owned by VTN Corporation. Lilco _ VTN Corporation is 34% publicly owned by many stockholders (no more than 5%); 66% privately owned. _ Stock corporation privately held by L.M. Lilly. III Glenn - An individual 1.9 Names and locations of key officers, including: EP _ David DoremuS, President and Director 26251 Ravenhill Road Canyon country, California 91331 L.M. Lilly. III, Vice president 886 Hillside Drive Long Beach, California 90815 Industrial Development Bond Application Page Four EP (Continued) Herbert Lampert, Chief Financial Officer 14724 Ventura Boulevard, suite 1102 Sherman Oaks, California 91403 VTN - D.A. Twiddy, president 25552 Althea Mission Viejo, California 92691 R.L. Weaver, Executive Vice president' Director 19492 Sierra Lago Irvine, California 92715 M.E. Anderson, Executive Vice president' Director 13342 Flint Drive Santa Ana, California 92705 J.M. Leach, Executive vice president' Director 13150 Carousel Lane Del Mar, California 92014 Lilco _ L.M. Lilly, III, president 886 Hillside Drive Long Beach, California 90815 Barbara York, Secretary 22650 Victory Boulevard \'lood1and Hills, California 91364 Glenn - Charles Glenn 2003 Avenida Fe11iciano San Pedro, California 90732 1.9.2 Directors, and Included in 1.9.1 above 1.9.3 principal stockholders (over 10% ownership). EP - David Doremus 100% VTN _ C. Richard Nelson 20.05%, James R. Trind1e, 17.85%, and Kenneth Carlson 19.90%, 21.40% by directors, with the remaining 20.80% publicly owned which is widely disbursed. Industrial Development Bond Application Page Five 1.9.3 (Continued) Lilco - L.M. Lilly, III 100% Glenn - n/a 1.10 Description of other business affiliations of principal officers, directors, and principal stockholders. EP David DoremuS, in addition to owning 100% of the outstanding stock of Eastern Pacific Financial Group, also owns 100% outstanding stock of Doremus Development, Inc., a California corporation which is a real estate development company, 13.3% of the outstanding stock of pathfinder Mortgage Corporation, a California corporation which is a mortgage banker, and is general partner either personally or through his corporations, of the following limited partnershipS engaged in the development and management of real property in California: E.P. Investments Eastern pacific I E.P. Investments III E.P. Santa Maria Santa Maria Industrial E.P. Investments VII E.P. Hamlin pathfinder Investments I pathfinder Investments II DYL Investments Eastern pacific Management Company E.P. Lakeview Oakridge Park Estates Spring Canyon VTN _ VTN Consolidated, Inc. a subsidiary of VTN corporation, which owns improved properties in Orange County and Los Angeles county Lilco - n/a Glenn - n/a Industrial Development Bond Application page Six 1.10 (continued) None of the affiliated corporations or entities are presently involved in the development of any property within the county or city of San Bernardino and no projects are anticipated during the term of the bond issuance. 1.11 Employees Lilco Glenn _ Number of employees in California - 30 _ Number of employees in San Bernardino - 7 Number of employees in California - 273 Total number of employees worldwide - 454 _ Number of employees in California - 1 - n/a EP VTN 1.11.1 Number of employees in California, and Included in 1.11 above 1.11.2 Locations in California EP - 14531 Hamlin Street, suite 205 Van Nuys, California 91411 14724 Ventura Boulevard, suite 1102 Sherman Oaks, California 91403 VTN - 2301 Campus Drive Irvine, California 92713 VTN San Bernardino 353 West 6th Street San Bernardino, California 92402 5919 Van NUyS Boulevard Van Nuys, California 91401 71-301 Highway 111, suite 1 Rancho Mirage, california 92770 VTN San Diego 4845 Ronson Court San Diego, California 92111 Industrial Development Bond Application Page Seven 1.11.2 (continued) Lilco - 886 Hillside Drive Long Beach, California 90815 Glenn - 2003 Avenida Felliciano San pedro, California 90732 1.12 Expert services: 1.12.1 The applicant's accountant and principal contact at such firm, EP _ Herbert Lampert, CPA 14724 Ventura Boulevard, Sherman Oaks, California Contact: Herbert Lampert suite 1102 91403 (213) 990-5644 VTN - Ernst and Whinney 4000 HacArthur Boulevard, suite 800 Newport Beach, California 92660 contact: Mr. Robert Vernon (714) 851-1700 Lilco - Cleaver Beck, CPA 20121 Ventura Boulevard woodland Hills, California 91364 contact: Brett Cleaver (213) 999-6161 Glenn - Beverly Glenn, CPA 2003 Avenida Felliciano San pedro, California 90732 Contact: Beverly Glenn (213) 832-3145 1.12.2 The applicant'S attorneys and principal contact at such firm, EP _ Kadison, Pfaelzer, woodard, Quinn & Rossi 707 Wilshire Boulevard, 40th Floor LOS Angeles, California 90017 contact: Richard smith, Esq. (213) 688-9000 VTN - Robert Bachman, Esq. 2361 campus Drive Irvine, california 92713 contact: Mr. Robert Bachman (714) 851-5206 Industrial Development Bond Application page Eight 1.12.2 (continued) Lilco _ Kadison, Pfaelzer, woodard, Quinn' Rossi 707 Wilshire Boulevard, 40th Floor Los Angeles, California 90017 Contact: Richard smith, Esq. (213) 688-9000 Glenn _ Kadison, pfaelzer, woodard, Quinn' Rossi 707 Wilshire Boulevard, 40th Floor Los Angeles, California 90017 contact: Richard smith, Esq. (213) 688-9000 1.12.3 Any experts or firms of experts that will be involved and the principal contacts of each firm. Miller and Schroeder Municipals, Inc. 1200 prospect Avenue La Jolla, California 92037 (714) 459-2661 James E. Iverson, Consultants and Bond Underwriters city of San Bernardino James Warren Beebe, Esq. 611 West 6th street Los Angeles, California 90017 contact: James Warren Beebe, Esq. (213) 680-1406 Bond counselor, City of San Bernardino 1.13 principal bank account and name of officers handling account EP - Manufacturers Bank 9701 Wilshire Boulevard Beverly Hills, California 90212 Contact: Charles Solomon, senior Vice president (213) 278-9120 VTN - Bank of America Irvine Industrial Center 1400 Dove Street Newport Beach, California 92660 (714) 759-4565 Industrial Development Bond Application page Nine 1.13 (continued) Lilco _ Manufacturers Bank 9701 Wilshire Boulevard Beverly Hills, California Contact: Charles Solomon, (213) 278-9120 90212 Senior Vice president Glenn - Security pacific East View Branch 29227 Western Avenue San pedro, California 90732 (213) 831-0353 1.14 The source of funding for the project Bonds will be underwritten by Miller and Schroeder Municipals, Inc. Construction financing provided by Lloyds Bank in Santa Ana, California PART II BOND ISSUE 2.1 provide the estimated total amount of the financing with a tabulation of proposed use of bond proceeds, including: 2.1.1 through 2.1.5 $ 115,600 310,250 776,050 776,050 472,500 1,193,400 4,290,000 179,350 386,750 Legal printing and related fees underwriting financing costs and fees Capitalized interest Interest reserve Land .. Land development ~ Direct construction Architectural and engineering fees Marketing and sales $8,500,000 Total Bond proceeds /;1- '-/0 ,- Industrial Development Bond Application Page Ten 2.2 Estimated target date of financing September 20, 1981 for recordation of the construction loan; March 1982 for underwriting of $8,500,000 bond issue. Disbursements as follows: March 1982 payoff of construction ~ loan of $1,800,000, first phase construction items not covered by the construction loan $348,800, Phase II construction disbursements of $3,819,900 funded March 1982, Phase III construction disbursements of $2,531,300 funded September 1, 1982. Completion of total development of this project will not exceed beyond DeeEmb~r 31, 1983, in any event. 5.. ph'l'Y\bpr 1'-/, J~IS '1 2.3 Estimated times of.financing See 2.2 above 2.4 Type of bond sale (private placement, underwritten offering). Underwritten offering PART III FINANCIAL INFO~~TION 3.1 Financial statements certified or prepared by a CPA, from three most recent fiscal years, including the following: 3.1.1 Balance sheet Attached hereto 3.1.2 Income (Profit and Loss) Statements, and Attached hereto 3.1.3 Analysis of sources and application of funds. Sources: Bond issuance underwritten by Miller and Schroeder Municipals, Inc., plus required owners equity. Application: Purchase of approximately 15 acres of industrial zoned land, known as Parcel 3, Parcel Map 4781, as per map recorded in Book 48, Pages 87 - 89 of Parcel Maps in the Office of the County Recorder of the Industrial Development Bond Application page Eleven 3.1.3 (continuedl Application: (continuedl 3.2 Advise as to whether applicant is a small business, and a description of the applicant's ranking and relative size in its industry county of San Bernardino, state of California and construction of 240,200 square feet of free standing light industrial buildings, together with the necessary developmental, processing fees, bond underwriting and finance costs, merchandising and overhead costs. EP _ A small business unranked in its industry VTN _ A medium sized businesS ranked in the upper 10% of civil engineering firms in the united States Lilco _ A small businesS unranked in its industry Glenn _ A small business unranked in its industry No small Business Administration loan funds or guarantees are requested or will be issued in connection with this bond underwriting. 4.1 A short summary of the purpose, objective and function of the proposed project. PART IV PROJECT INFORMATION The industrial project will be developed with 39 buildinas comprising 240,200 square feet. A pent-UP demand exists for small (3,000 to 7,000 square footl primary manufactur- ing and commercial users. These users are precluded from establishing themselves in the San Bernardino market for want of improved industrial space with the features they need. Industrial Development Bond Application Page Twelve 4.1 (continued) We will build the project in three phases: phase Total Footage Anticipation of construction 1st 91,600 september 1, 1981 2nd 105,400 March 1, 1982 3rd 43,200 september 1, 1982 The IDB will be issued in the aggregate amount of $8,500,000 with total phase disbursements of: Total $2,148,800 3,819,900 2.531. 300 $8,500,000 1st phase - 2nd phase - 3rd phase - The project will be built and the bonds guaranteed by the developer with the industrial buildings being both sold and leased to tenants who will be the primary users. 4.2.1 Land, Land purchase 5% commission $ 450,000 22,500 $ 472,500 1,193,400 Total Land Cost Common Area Improvements (streets, street lighting, underground utilities, landscaping, etc.) $ 1,665,900 Total Developed Land 4.2.2 Buildings, 4,290,000 _ 240,200 square foot buildings, including 10% of each building improved as offices. 4.2.3 A tabulation of equipment, None f:-I- (/('-:::- Industrial Development Bond Application Page Thirteen 4.2.4 Engineering and technical services, and $179,350 4.2.5 Other or miscallaneous items (describe and tabulate) Bond underwriting fees ,costs $ Bond underwriting legal and printing construction period Interest Marketing and Sales Costs 10% Interest Reserve 310,250 115,600 776,050 386,750 776,050 4.3 Estimated construction period: 4.3.1 Scheduled starting date, and :::Tun e, 1'1~1 Se~~emeer 1981, March 1, 1982, and September 1, 1982 4.3.2 scheduled completion date. January 1982, August 31, 1982, and February 28, 1983 4.4 Name and location of the applicant's supervising or consulting engineer responsible for design of the project. Civil engineering - VTN Consolidated, Inc. 353 West 6th street San Bernardino, California 92402 John Adams (714) 889-4431 Architectural _ Johannes Van Tilburg , Partners 1101 Broadway Santa Monica, California 90401 Johannes Van Tilburg, AlA (213) 394-0273 4.5 The location of the proposed project. If du~licate installations in several locations, list addresses of all. See Exhibit "An attached hereto. Road, approximately one-half mile the City of San Bernardino. souths ide of Cooley west of Tippecanoe in Industrial Development Bond Application Page Fourteen 4.6 Advise as to whether the project site is a new location. If not, describe what expansion or alteration will be made. The project site is the first land acquisition and development bv either the L~ited partnership or the General Partners in the city of San Bernardino. 4.7 Name of legal owner of location: 4.7.1 If not owned by applicant, advise terms and nature of occupancy, and The limited partnership, through the General Partners, is in escrow to purchase the referenced property from the Redevelopment Agency, City of San Bernardino. The purchase price will be $450,000 plus a 5% broker's commission to be paid by the buyer to pathfinder Mortgage. Escrow to close upon approval of the industrial development bonds, anticipated to be september 1981. 4.7.2 If there is or will be a legal relationship between the applicant and owner of the location, describe the relationship. Not applicable 4.8 A description of operations that are or are not to be conducted at the location of the proposed project and the scope, magnitude and process relationships of the proposed project, including: 4.8.1 An 8 ~" x 11" map showing plant site and location of the project, and See Exhibit 'OA" attached hereto. 4.8.2 A description of the plant process. The project is being built as a speculative development to be leased and/or sold upon completion. The anticipated tenants and owners will be light manufacturers and suppliers. No loud, obnoxiouS, or toxic materials will be produced, manufactured or handled on-site. , Industrial Development Bond Application Page Fifteen 4.9 List the environmental quality regulations, standards or requirements which are to be met within this project. All applicable environmental quality standards and regulations will be met and no special permits or waivers are anticipated by the subsequent users of the project. Strict standards will be established and administered by the owners association, prohibiting future variances from the developers' requirements. 4.10 A list and copies of all permits, water quality enforcement orders, air pollution permits and variances or evidence of other actions evidencing need for installation of this project. See section 4.9 above. 4.11 List pollution control agencies (local, state, and federal) imposing the applicable regulations, standards or requirements for operations or disposal. south Coast Air Quality Management Board, State and Federal Water Quality Acts, and State of California Department of Health. 4.12 Describe the regional county or basin plan to which this project is to conform, and the manner in which it will provide conformance. The general plan for the city and master plan for the county are consistent with zoning and uses established for the property. 4.13 Describe the by-products or residues of the project, and where and how ultimate disposal will be accomplished. If recycling or salvage is to be a function, advise as to market opportunities. See Section 4.9 above. In addition, the non-recyclable trash from operations of the manufacturing facilities will be collected weekly, and disposed of by the City contracted refuse service. '. ' Industrial Development Bond Application Page Sixteen PART V PUBLIC BENEFITS 5.1 Describe the benefits that will accrue to the City and its citizens as a result of the installation of this facility and the use of this method of financing, vis-a-visa conventional method. The developer anticipates the following cummulative long term effects: The creation of 480 new jobs (assumed to be two direct jobs per 1,000 square feet of manufacturing f~cilityll together with the addition of 10 million dollar base for city and county taxation purpose: The attractiveness of the project, and viability will not only provide industrial space for smaller users wishing to relocate in the city of San Bernardino, but should attract additional speculative developments which will further enhance the tax base and employment opportunities; and, as a result of the increased employment, all secondary service industries and primary manufacturing industries will benefit from the capital expenditures and discretionary personal income available to the employees and owners. An immediate developmental effect will be the establishment of approximately 150 on-site construction jobs together with the capital purchases by the developer, which will impact the discretionary income levels in service and construction industries in the city and county of San Bernardino. 5.2 In particular, the application should address the findings in Section 1 of the Ordinance, and should show that the applicant is locating in the City for long-term business reasons and not merely because of any financial inducement offered by the Ordinance. Specific responses to items addressed in the findings of section 1 are as follows: By creation of industrial space to house industrial users, job opportunities will be created and in order to fill the employment situation, the locally unemployed and persons requiring job assistance will be called upon to , . Industrial Development Bond Application page Seventeen 5.2 (continued) fill the positions. The addition of job op~ortunities will have an incremental beneficial effect upon the recurring problems of crime and juvenile delinquency due to the income and alternative sources of gainful employment and further the urban deterioration will be abated through the construction of aesthetically pleasing and attractive buildings, which will enhance the city and surrounding areas. As developers, we have noted the significant need for small freestanding (3,000 to 6,000 square foot) industrial space which, although it will not attract national firms to San Bernardino, will result in regional relocations to the market and the regionally relocated firms will provide the support facilities necessary to attract the national firms into the market place. without the smaller industrial facilities, many firms wishing to relocate are being excluded due to lack of space facilities. It is not the specific intent of the developer of the city to realize profit from the bond underwriting, but it must be recognized that there will be income derived by the city from bond administration reimbursements in excess of out-of-pocket expenses by the city and additionally, the city and county will realize tax revenues in excess of incremental increases for the municipal services such as police and fire protection. All development and financing costs will be borne exclusively by the developer and all on-site landscaping and roads will be paid for and maintained by the developer and the subsequent owners association, which will be established. The development and financing program will be self-supporting. PART VI CO~~ITMENTS 6.1 through 6.4 The applicant hereby. agrees to comply with and/or assist the city in complying with and to provide staff additional information and supplemental schedules, plans and documents '. ' Industrial Development Bond Application Page Eighteen 6.1 through 6.4 (Continued) of whatever nature so as required by the city in order to comply with all provisions of Paragraph 6.1, 6.2, 6.3, and 6.4 of the Industrial Development Bond Application. This application is submitted by Eastern Pacific Financial Group, and Eastern Pacific Financial Group warrants that is has the prime responsibility and authority to bind the co-venturers to all provisions of the application and to the best of our knowledge and belief it contains no false or inaccurate informa- tion or data and is totally descriptive of the project. We have been counseled and are familiar with Ordinance No. 3815 of the City of San Bernardino. TRI-CITY INDUSTRIAL PARK, LTD. A California Limited partnership By: Eastern Pacific Fina~cial Group r-tanaging Generjil' tl]er ) i{ president By: II~ I Iii ljl I I I " . ......, ;":" '. .... _...~ .- 011---'.' 1~~ I"i '\ ;o.~. 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" '-' --_.__._-~-~_. ~~.nJ~' .",....~ .1.''':' !e:'.;: . .. ! .,. i~ '~,' ....)"3 It, ,;un___;..;: ~ " .:.,., .-----, .-- I . -, ~ 1-..----uW-:ti ~ , '. to .. '-io-:,----Cli-..,;,. ~ ..., "'II i.l~..,'~.., l' c . _ , -, '-ui.---;'li! !!: i ...d ~ ~ ~~. i a ~ C~'':l I ~ ~-__ :~ -~ 1II~." :Z . ~< __1_ I~ I I . 1 I 1 J ....tfIii ,- ., J; @--t-- I I ~--'.--" :\ ,,' ilJ' . ''', \ I, u ._____.:.). I ;. . -- ',--+ --I - -- . . I .' ---..--"-.j;--:-- -, : I ....-.. ..._..J I c:::I ~ I . ! . I! I \-_-- r '" '3ClS...... I o.;-c....I',-o:;.;... -1~~ ~ \ . !If JS 7 .~. !...... c' . ! IfYlltiUYM . ----fl------- I . ~ I I 1OtS"lOO'" I '~.L,_Y~ti3.'S ~,r.6(: ! ~)""~ r. 'C."i;lo', i;;lt; 0......("'11111 :! " J t'- t :'1 . . :t; ::: '" , . , , ~. -, I I ; . ~ +---,--..---- , ~ . . J , . '.~ " . . .. ~ ~ t.~ --'-'---1 I ',' t, / " Ii , ..' ,I .0- . . - EXHIBIT "B"